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MARKET WATCH: NYMEX oil price holds above $65/bbl, Brent above $70/bbl
Oil & Gas Journal: Light, sweet crude oil prices fell modestly on the New York market Mar. 26 but closed above $65/bbl while Brent crude oil for May delivery on the London market also fell modestly but settled above $70/bbl for a second consecutive trading session.
Meanwhile, China launched a new crude oil exchange, the Shanghai International Energy Exchange, that could establish an Asian oil price reference and might eventually serve as a crude oil benchmark outside the US and European benchmarks.
The new exchange is based on the yuan rather than the US dollar, which dominates the other oil markets. Trading on the Shanghai International Energy Exchange started Mar. 26.
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